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Why HomeStreet (HMST) Stock Upgraded to Strong Buy
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On Jun 28, 2016, the Zacks Investment Research upgraded Washington-based HomeStreet Inc. (HMST - Free Report) to a Zacks Rank #1 (Strong Buy).
Acquisition & Projection of Improved Q2 Earnings Drive Upgrade
HomeStreet has been witnessing rising earnings estimates driven by the announcement of an acquisition and the company’s expectations of growth in the second quarter earnings.
On Jun 22, HomeStreet announced the signing of a definitive agreement to acquire two branches from Boston Private, a subsidiary of Boston Private Financial Holdings Inc. , based in Boston. Of these, one is located in Granada Hills and another in Burbank, California.
HomeStreet expects to acquire approximately $110 million in deposit accounts and increase its number of retail branches to 12 in South California. While the company does not provide any timeline for the closure of the deal, the transaction is subject to regulatory approvals.
Mark K. Mason, HomeStreet Bank President, CEO and Chairman, said “We are excited to add these two branches to our Southern California network. Not only do these branches add to the strategy of increasing our density in one of the most attractive markets in the United States, they are also each located near offices of our affinity partner, Kaiser Permanente.”
Further, HomeStreet is expected to witness 4.62% year over year rise in the second quarter 2016 earnings, after reporting disappointing first quarter results.
Moreover, HomeStreet has been witnessing rising earnings estimates, indicating analysts’ bullish stance on the stock. Over the last 60 days, the Zacks Consensus Estimate increased 0.45% to $2.25 for 2016 and 0.8% to $2.51 for 2017.
Stocks That Warrant a Look
Some similarly ranked finance stocks include Flagstar Bancorp Inc. and WhiteHorse Finance Inc. (WHF - Free Report) .
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
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Why HomeStreet (HMST) Stock Upgraded to Strong Buy
On Jun 28, 2016, the Zacks Investment Research upgraded Washington-based HomeStreet Inc. (HMST - Free Report) to a Zacks Rank #1 (Strong Buy).
Acquisition & Projection of Improved Q2 Earnings Drive Upgrade
HomeStreet has been witnessing rising earnings estimates driven by the announcement of an acquisition and the company’s expectations of growth in the second quarter earnings.
On Jun 22, HomeStreet announced the signing of a definitive agreement to acquire two branches from Boston Private, a subsidiary of Boston Private Financial Holdings Inc. , based in Boston. Of these, one is located in Granada Hills and another in Burbank, California.
HomeStreet expects to acquire approximately $110 million in deposit accounts and increase its number of retail branches to 12 in South California. While the company does not provide any timeline for the closure of the deal, the transaction is subject to regulatory approvals.
Mark K. Mason, HomeStreet Bank President, CEO and Chairman, said “We are excited to add these two branches to our Southern California network. Not only do these branches add to the strategy of increasing our density in one of the most attractive markets in the United States, they are also each located near offices of our affinity partner, Kaiser Permanente.”
Further, HomeStreet is expected to witness 4.62% year over year rise in the second quarter 2016 earnings, after reporting disappointing first quarter results.
Moreover, HomeStreet has been witnessing rising earnings estimates, indicating analysts’ bullish stance on the stock. Over the last 60 days, the Zacks Consensus Estimate increased 0.45% to $2.25 for 2016 and 0.8% to $2.51 for 2017.
Stocks That Warrant a Look
Some similarly ranked finance stocks include Flagstar Bancorp Inc. and WhiteHorse Finance Inc. (WHF - Free Report) .
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>